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Syria signs strategic oil deal with ConocoPhillips and Nova Terra Energy

The Syrian Petroleum Company has signed a memorandum of understanding with ConocoPhillips and Nova Terra Energy to develop gas fields and boost exploration amid ongoing energy shortages.

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The Syrian Petroleum Company has formalised a memorandum of understanding with ConocoPhillips and Nova Terra Energy to develop several natural gas fields and launch new exploration programmes. Syrian energy authorities stated that the planned works would be carried out using advanced technical standards aimed at increasing national production capacity.

A partnership to support economic recovery

The Syrian Ministry of Energy specified that the agreement is part of a strategy to enhance cooperation with foreign firms in the oil and gas sectors. The country’s infrastructure has suffered significant damage over years of conflict, limiting output and increasing dependence on imports. Authorities believe the memorandum could generate additional revenues, though no financial estimates or investment timelines have been disclosed.

Cooperation with international actors comes as Syria seeks to stabilise its hydrocarbon supply. Refining and transportation capacities remain constrained, slowing the full restart of domestic production. Operational details related to upcoming exploration activities have not been made public.

An energy environment marked by supply constraints

Syria continues to face widespread electricity and fuel shortages. Supply interruptions are frequent and affect the entire country. In this context, a shipment of 650,000 barrels of crude oil recently arrived under a support initiative from Saudi Arabia to help stabilise the energy network.

The arrival of foreign cargo remains essential to supplement local output until the potential impact of the announced development projects materialises. Authorities have not specified how the new agreement with ConocoPhillips and Nova Terra Energy will be integrated into national plans to rehabilitate oil and gas capacities.

A signal to international investors

The involvement of major foreign firms may signal a broader opening of the Syrian energy sector. Upcoming developments will be closely monitored by market participants, as hydrocarbon needs remain high and infrastructure continues to require substantial investment.

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